Egypt's XPay raises $250,000 in pre-seed

Cairo-based fintech startup XPay has raised $250,000 in pre-seed funding from two angel investors, the startup announced today in a statement to MENAbytes. XPay that is part of Startupbootcamp Fintech Cairo’s first cohort had previously raised an investment from EFG EV Fintech as well which is a Fintech-focused accelerator in Egypt.

Founded last year by Dr. Mohamed AbdelMottaleb, XPay empowers communities to go cashless through its community management platform (for communities) and mobile app (for the consumers). The startup enables universities, schools, gyms, social and sports clubs, residential compounds and different other communities to set up their offerings and collect payment online. XPay’s mobile app allows members in these communities to pay in less than a minute using debit/credit cards, mobile wallet, and a cash collection service.

“XPay was established to become the platform of choice for all members of the family – eliminating the stress of juggling numerous transactions, subscription and bill payments, payment methods and due dates. One platform to ease the unavoidable inconvenience of modern living,” said Dr. Mohamed AbdelMottaleb, founder and CEO of XPay, speaking about the platform.

The startup plans to use this latest investment to execute its growth plans and expand its team.